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Council news

An update on the Hackney Pension Fund

11th March 2025
In Hackney, we continue to call for an end to the death, destruction and suffering we’ve witnessed throughout the conflict in Israel and Palestine, and that continues despite the current status of ceasefire and the desperate need for humanitarian aid.We also recognise the strength of feeling that has been shown, in our borough and beyond, that the actions of public authorities here in the UK should not contribute to conflict or suffering elsewhere – particularly with regard to our ethical position on upholding human rights, our ambition to be a borough of sanctuary and pension funds investment. We have listened to public concerns, engaged with campaigners, and taken seriously residents exercising their democratic rights.We have a responsibility to be honest and transparent about what we can and cannot do with regard to our pension fund holdings. We are aware that some local authorities have made public commitments to divesting from pension holdings, but have not yet seen changes to the funds they hold.The Hackney Pensions Committee has a legal obligation not to take any action that would have a detrimental financial impact on the Pension Fund of its scheme members, and its position is that it cannot risk breaching this legal obligation.This does not mean it isn’t committed to responsible investment. In Hackney, we have been ambitious in decarbonising our pension fund investments, and divested from holdings linked to Russia because our legal obligations allowed us to do so. The widespread imposition of sanctions on Russia meant that there were long-term financial concerns associated with the assets – divestment decisions are permitted by the Law Commission guidance where there is a clear financial rationale for doing so.Hackney is now a signatory of the UK Stewardship Code, which recognises the Hackney Pension Fund as one of a few local government pension scheme providers and pools that adheres to the highest ethical, environmental and social standards for investing money.Earlier this year, the Pension Fund conducted a survey of its members, with more than 1,000 people giving their views on a range of responsible investment issues. The Pension Committee is now considering how this input will shape the fund’s approach and policies, while continuing to balance this against the fund’s responsibilities to its members.That will not mean major changes to how the Pension Fund operates overnight. It will, however, ensure that ethical investment, human rights and tackling the climate emergency remain at the forefront of the Fund’s agenda.Caroline Woodley, Mayor of Hackney

Return of £5m investment offer to support local climate action

4th March 2025
Residents and businesses can again invest in local sustainability projects while earning a fixed annual interest rate of 4.2%. Hackney’s Green Investment programme is looking to raise £5m to fund a range of local climate projects, such as solar panels on schools and council homes, and the rollout of Hackney’s sector-leading EV charging network. This week, the second phase of the investment launched, which is helping fund energy-saving windows at a local school and other green projects in Hackney. Building on the success of last year's £600,000 fundraising round, this phase aims to raise an additional £500,000 towards the target of £5 million by 2030. People can invest from £5, with the investment offering a fixed rate of return of 4.2% interest a year over a five-year term. Investments support local climate action as part of Hackney’s mission to create a cleaner, greener borough. This includes: Solar panels and energy efficiency measures across Council homes and local schools to help cut bills and reduce emissionsEV charging points across Hackney, as part of the Council’s sector-leading rollout of charging infrastructureReplacement windows to improve energy efficiency in local schoolsThe investment process is being managed by Abundance Investment, a leading platform facilitating ethical and sustainable investments, on behalf of Hackney Council. Abundance has worked with 13 councils across the country to issue investments like this, which have raised over £11 million since 2020. Returns on investments will be paid every six months into investors' Abundance accounts, offering flexibility to withdraw or reinvest funds as desired.The investment period is open until 31 May.  To find out more and make an investment, visit: abundanceinvestment.com/council/hackney Notes to editors: Investments are long term and may be hard to sell. Council investments are not a savings account and you are lending money to a council. Changes in market interest rates may affect the value of your investment if you sell before maturity. Approver: Abundance investment (FRN 525432). Approval date: 28/02/25Abundance’s service in relation to council investments (P2P loans) is not covered by the Financial Services Compensation Scheme (FSCS). Tax treatment depends on your individual circumstances and may be subject to change in the future.Holding investments in an IFISA does not reduce the risk of the investment or protect you from losses. You can still lose all your money. It only means that any potential gains from your investment will be tax free. The tax treatment of your investment will depend on your individual circumstances and may change in the future.Hackney Green Investment, which is a loan, is Green Loan Principles compliant and is being issued under a Green Finance Framework. This is a voluntary standard which sets out how Hackney Council intends to manage its green local authority securities in the future, and outlines how they will meet the Green Loan Principles. This assures investors that funds raised can only be used to help them deliver on eligible green projects from within this framework, and Abundance will monitor the use of funds across the investment term to ensure the principles are being adhered to.

Maximum effort pledged to improving satisfaction levels in Council’s housing service

Hackney Council’s housing service will continue to give ‘maximum effort’ to improving the satisfaction levels of tenants in the service.Cabinet member for Housing Services and Resident Participation, Cllr Clayeon McKenzie, has reaffirmed the service’s drive to transform and improve. This follows the results of the latest annual survey of tenant satisfaction in the service either staying the same or falling slightly in some areas this year compared to last year.Despite small falls in satisfaction this year the work the service is doing is still seeing levels higher in virtually every single area from two years ago when the service started its improvement journey. The results of the independent survey of 2,000 Hackney Council tenants and leaseholders, carried out between September and November, help provide a marker for how tenants feel the service performing. It also helps the service see how the steps it is taking to improve are working and areas they need to improve on.Over the last few years the Council’s housing service has worked hard to introduce a range of changes to help improve the quality of life for people living in its homes. These have included speeding up the time to respond to reports of leaks as well as damp and mould. It has also looked to strengthen the way tenants can help shape and inform its work. It has also changed contractors to help support its inhouse repairs team to maintain its homes which is helping to provide added capacity to help speed up planned maintenance and carry out any repairs needed.The survey found that tenant satisfaction in the service as a whole in 2024/2025 was 57% compared to 59% the previous year - although it is still above the 2022/2023 level of 52%.It also found that the satisfaction levels in housing repairs, in feeling their home is safe, that the Council treats tenants fairly and with respect and the Council’s approach to tackling anti-social behaviour remained at the same level as the previous year.It also highlighted that satisfaction in the way the Council handles complaints rose to 29% from 28% the previous year.However, it also showed slight reductions in satisfaction in regards to keeping people’s homes well maintained (57% compared to 61%) and keeping communal areas clean and well maintained (59% compared to 62%).The survey’s findings will be used by the service to continually seek to improve its work, especially in keeping communal areas clean and well maintained. The results for all the Tenant Satisfaction Measures over the last three years are listed in the table below:Measure2024/20252023/20242022/2023Overall Satisfaction57%59%52%Satisfaction with overall repairs service in the last 12 months63%63%58%Satisfaction with time taken to complete the most recent repair57%60%52%Satisfaction that home is well maintained57%61%53%Satisfaction that home is safe63%63%58%Satisfaction that landlord listens to views and acts on them53%54%44%Satisfaction that landlord keeps tenants informed about things that matter70%71%56%Agreement that landlord treats tenants fairly and with respect70%70%61%Satisfaction with landlords approach to handling complaints29%28%26%Satisfaction landlord keeps communal areas clean and well maintained59%62%59%Satisfaction landlord makes a positive contribution to neighbourhood68%69%56%Satisfaction with landlord’s approach to handling ASB61%61%50%
28th February 2025

Budget: How Hackney Council is rising to the challenges

Like all local authorities, Hackney Council is facing extreme financial challenges. More people rely on local services than ever before, and more council funds are being used in a small number of areas like social care, support for vulnerable children, and housing for people at risk of homelessness. That means difficult decisions, but it doesn’t mean investment in a better Hackney will stop. These are some of the ways the Council is rising to the challenges.Using external fundingThis year’s budget includes £147m in external grants for specific projects, providing extra funds to invest in the borough.Work to transform Amhurst Road and Pembury Circus is now underway as part of the Council’s plan for a greener, safer and healthier Hackney Central, supported by £19m in new ringfenced investment directly from the government.Investing for the long-termThis year’s budget includes more than £500m on capital spending to improve parks, homes, leisure centres and other things the Council owns. This includes £11.4m this year to begin the landmark transformation of Kings Hall Leisure Centre – a major investment now, but one that will provide a state of the art facility for decades to come.Spending to saveFrom children’s homes to temporary accommodation, spending in the right areas now can help the council reduce its costs in the long-term, protecting investment for frontline services.For example, this year’s budget includes spending nearly £2m to upgrade Hackney’s CCTV networks, which helped secure more than 700 arrests last year. By investing in better, more efficient equipment now, it reduces day-to-day operation costs.Protecting frontline servicesThe Council will have to make £25m in savings for 2025-26, and on current estimates over £50m more over the following three years.As much of this shortfall as possible is being made up from changing how the Council works behind the scenes while protecting services for those who need them most. However, where changes are being made to the services for residents, these decisions are being made carefully, transparently and to prioritise the needs of Hackney’s most vulnerable residents first.Find out moreNew council budget agreedMayor Woodley: I want to go further and make Hackney even betterBudget: where our money comes from and how it's spent
27th February 2025

"I want to go further and make Hackney even better": Mayor Woodley on the Council's budget

Hackney is London’s best borough. That’s why I made it my home many years ago, raised my son here, and in 2023 took up the huge honour of becoming Mayor of Hackney.Across the country, councils face big financial challenges. More people rely on us than ever before, and more of our funds are being used in a small number of areas like social care, support for vulnerable children, and temporary homes for people at risk of homelessness.By law we have to balance our budget, so this year we have to make nearly £25m in savings and increase the Council’s element of your Council Tax bill by 4.99% from April. We also plan to use £10m from the Council’s reserves to help fund services over the next year – a move that is not sustainable and that we will be unable to repeat in future years.These steps help us remain stable at a time where other councils are forced into asking the government to permit them to borrow extra money, seeking to raise Council Tax far above standard increases, or cutting back on Council Tax discount support for low-income families. Our Council Tax rates are still among the lowest in London, and this year we are maintaining discounts of up to 90% for working households on low incomes.Your contributions also mean that we can continue to provide vital support for Hackney residents. They fund foster carers, pay for the growing cost of providing social care, and put a roof over the heads of families hit hardest by Hackney’s housing crisis.As your Mayor, doing my best to protect the most vulnerable is my priority. But I want to go further and make Hackney even better – by tackling the housing crisis head on, addressing the root causes of poverty and inequality, and continuing to lead the way in the fight against climate change.Doing that when budgets are stretched will mean rising to the challenge and doing things differently. We will inevitably still have tough choices to make. We will need to change how we work to reduce costs while improving services, invest now to save money in the long-term, and seek extra funding to deliver on our ambitions.We’ll need to work together, and change together. But by doing so, we can build a fairer, safer, greener and healthier Hackney, for everyone.Caroline WoodleyMayor of Hackney Find out moreNew Council budget agreedBudget: where our money comes from and how it's spentHow Hackney Council is rising to the challenges
27th February 2025